Troy Industrial Development Authority

June 21, 2024 10:11 AM Regular Board Meeting Present: Jeff Betts, Elbert Watson, Stephanie Fitch, Hon. Sue Steele, Susan Farrell, Latasha Gardner, Hon. Ryan Brosnan and Alex Carlton. Absent: Josh Chiappone Also in attendance: Randy Coburn, Matt Jones, Max Freed, Deanna Dal Pos, John Boyd, Angelina Apindem and Denee Zeigler. D The regular board meeting was called to order at 10:07 a.m. I. Minutes R The minutes from the May 30, 2024 regular board meeting were reviewed by the board members. T Motion to approve the May 30, 2024 minutes – Latasha Gardner Second – Hon. Ryan Brosnan AF Abstained – Sue Farrell Approved II. Executive Directors Report Staff – noted that Dylan Turek has left the city. It was a pleasure working with him and we wish him luck in his new endeavor. 155 River Street – the agreement has been executed for them to receive their sales tax exemption 200 Broadway – The Hendrick Hudson building will be converting all the upper floors to residential. They will be going in front of the planning commission and then to us for updates and adjustments to their project. III. New Business Local Waterfront Revitalization Plan (LWRP)- The city was awarded a grant for an LWRP program for $100,000. There were notes in the file stating the Troy IDA would contribute funds towards this project in the amount of $17,647. It was never formalized by the board until now. Stephanie Fitch asked if anyone else is contributing to the project. Mr. Coburn advised no other funding is listed. Mrs. Gardner asked if the funding is definite. Mr. Coburn advised yes, the $100,000 from the state is. An LWRP is a plan that assesses land and water uses to create a revitalization plan. It will build off what was started with the comprehensive plan, with a focus on risks related to climate change, flooding 1  improvements and public access and recreational activities. It will involve all the waterfront and will be a tool for future development. There will be a plan that will be published and posted on the city’s website. The board decided to table the funding request until they can review the draft plan. R&M Holding Troy, LLC (DeFazio’s)– Mr. Miller gave the background on their project and noted that there were some environmental issues that came up during the project causing delays. Their sales tax benefit ran out at the end of 2022. This one fully expired before they could get their funding situated, it is on the agenda now to extend the benefit. The board agreed to an extension until the end of this year with the hopes of motivating them to finish the project. If needed, the project owner can come back to us in December to give an update. Motion to approve the sales tax extension for R&M Holding Troy, LLC to December 31, 2024 – Hon. Ryan Brosnan Second – Elbert Watson Approved IV. Old Business Mr. Coburn spoke to the board about the DRI funding received – three of which are city D related projects. One of them was for wayfinding in the amount of $1.36 million. The city had requested $700,000 to support the project but were only awarded $363,000. This caused the funding gap to grow. The Troy IDA was listed as a source of funding in the R amount of $70,000. After researching, it was found that this board previously approved $61,700. The request is to increase by the approved amount by $8,300 in order to match was what listed in the grant budget. T Motion to approve an increase the wayfinding funding previously approved by the Troy IDA by $8,300 bringing the total up to $70,000. – Hon. Sue AF Steele Second – Sue Farrell Opposed – Elbert Watson Motion Carried V. Financials Mr. Jones presented the statement of financial position to the board. He advised that as of May 31, 2024 the total assets stand at $1,092,204 with $974,934 in cash. There is $39,781 in liabilities, leaving a fund balance of $1,052,424. No significant changes for the month of May. Mr. Jones presented the statement of activity for May and explained there is a deficit of $4,916. The largest source of revenue was in interest earnings. The largest expenses were monthly fees. Mr. Watson asked about an item listed under receivable and payable. Mr. Jones advised Cookie Factory is behind by their last two PILOT payments. Mr. Miller explained that their lender is working with them to bring the account current. He added that their PILOT is set to end this year. 2  Mrs. Fitch asked why the wayfinding is not listed on the monthly financials. Mr. Jones noted that it would not show up until we start spending on it. Mr. Miller noted that we can go through the budget to see what items are being held for projects that haven’t been spent. Mr. Miller asked if the 50% administrative fee was ever shared with the Troy LDC. Mr. Jones noted it has not, but we will work on it. Motion to approve the May financials as presented – Elbert Watson Second – Hon. Ryan Brosnan Approved VI. Adjournment With no additional business to discuss, the IDA regular board meeting was adjourned at 10:52 a.m. Motion to adjourn the regular board meeting at 10:52 a.m. – Hon. Sue Steele Second – Sue Farrell D Approved R T AF 3